Toyo Tire : Financial Results for 1st Quarter of FY2023
May 11, 2023 at 02:47 am EDT
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Financial Results
for 1st Quarter of FY2023
May 11, 2023
1．Financial Results for 1st Quarter of FY2023
2．Financial Forecast for FY2023
3. Topics
Highlights of Financial Results
Net sales hit the record high (for the First Quarter) of 129.2 billion
yen, driven mainly by growing sales of light truck tires in North America.
A change in the product mix resulted in operating income
recording negative year-on-year growth of 14.6 billion yen.
Profit attributable to owners of parent came in at 10.9 billion yen, which
represents a decrease from the same period last year when gain on sales of investment securities was recorded.
The Company is not revising its previous forecasts, but still forecasts
net sales of 540.0 billion yen and
operating income of 50.0 billion yen for FY2023.
2/19
Financial Results for 1st Quarter of FY2023（Jan-Mar）
(Unit: Millions of Yen)
2023
2022
Change
Change (%)
1Q Results
1Q Results
Net Sales
129,160
101,773
＋27,386
＋26.9％
Operating Income
14,574
16,172
(1,598)
(9.9％)
Margin
11.3％
15.9％
－
－
Ordinary Income
15,801
20,529
(4,728)
(23.0％)
Profit Attributable to
10,883
17,797
(6,914)
(38.8％)
Owners of Parent*
*Profit attributable to parent company shareholders
1 USD
133 Yen
115 Yen
＋18 Yen
1 EUR
142 Yen
129 Yen
+13 Yen
Forex Rate Sensitivity 2023
USD
0.7 Billion Yen/Year
EUR
0.1 Billion Yen/Year
Impact of 1 yen fluctuation on operating income
3/19
Analysis of Operating Income for 1st Quarter of FY2023（Jan-Mar）（vs 2022）
(Unit: Billions of Yen)
Tires
Others
(2.1)
＋0.5
△86
2021
Sales
Production
SGA
Raw
Forex
Freight
Plant
Automotive
2022
Start-up
Other
4Q
Factors
Cost
Expenses
Materials
Rate
Cost
Parts
4Q
Cost
13.4
＋4.8
(0.5)
＋0.2
(5.9)
＋5.5
(3.0)
(2.3)
＋0.3
＋0.0
12.7
4/19
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Toyo Tire Corporation published this content on 11 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2023 06:46:03 UTC.
Toyo Tire Corporation, formerly Toyo Tire & Rubber Co., Ltd., is a Japan-based company mainly engaged in the tire business and diver tech business, as well as the provision and maintenance of modules, financing and operation. The Company operates through two business segments. The Tire segment is engaged in the manufacturing and sale of various tires used in passenger cars, trucks, buses, construction equipment and industrial vehicles. The Diver Tech segment is engaged in the manufacturing and sale of industrial and construction materials, transportation equipment, heating insulating and waterproof materials and other related materials. The other business is engaged in the loan, credit purchase and real estate businesses.
TOYO TIRE CORPORATION 
